Work is scheduled to begin by the end of the year to put 87 affordable apartments in a century-old building near Union Station in downtown 最新杏吧原创.
Sherman Associates, of Minneapolis, said today the project to transform the building at 1900 Pine Street鈥攌nown as Station Plaza鈥攕hould be done by late next year. City records show the six-story brick building was erected in 1884.
CBRE said it represented Sherman Associates in acquiring the building from R&P Realty Inc. The deal includes the parking lot just west of the building.
Sherman Associates said it bought the property for about $1.6 million and has a construction budget of $10.5 million. The developer is expected to use low-income housing tax credits in the project.
In addition, the project is in line for tax abatement from the city. In the 1980s, the now-vacant building was renovated as offices.
